FRC chief highlights ‘critical year’

Link: FRC drafts UK rules on SarBox

Speaking to about 200 FDs at the Finance Directors’ Forum, held on the cruise ship Aurora, Boyle’s keynote speech covered the main areas that the FRC hopes to tackle in the next 12 months. This included details of its ‘unusual role’.

‘We’re an unusual regulator, we believe in wealth creation. If there is confidence [of UK businesses], then there will be wealth creation.’

He added that the FRC’s reach across auditing and reporting, from its Accountancy Investigation and Disciplinary Board through to the Financial Reporting Review Panel, was unique. ‘No-one has this joined-up arrangement in the world.

‘We’re trying to keep the FRC as small as possible. The PCAOB will have 450 staff and a budget of £150m; we have 80 staff and £10m. We don’t see that growing much in the next few years.’

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